From Trading Desks to Coaching: Insights from Steven Goldstein

Diary Of A Trader

In this episode, I had the pleasure of speaking with Steven Goldstein, a seasoned trader turned performance coach. Stephen shared his extensive journey in the trading world, starting from his early days in the mid-1980s when he began his career at a Japanese bank in London. He detailed his progression through various roles, including his time at Credit Suisse and Commerzbank, where he honed his skills in interest rate and FX trading. Steven's career culminated at American Express, where he spent seven years as a prop trader before transitioning to coaching in 2010.

Steven's transition to coaching was inspired by his own positive experience with a coach during his trading career. He now focuses on helping traders, from professional investors to retail traders, enhance their performance by addressing the psychological and emotional aspects of trading. Stephen emphasized the importance of understanding oneself as a risk-taker and maintaining a positive relationship with oneself to succeed in trading.

We delved into the challenges traders face, such as self-sabotage, emotional control, and the importance of staying on process. Steven shared valuable insights on managing risk, the significance of having a structured approach, and the necessity of experiencing the pain of trading to learn and grow.

Steven also discussed his book, "Mastering the Mental Game of Trading," which aims to provide traders with a comprehensive guide to navigating the mental challenges of trading. The book is filled with real stories and practical advice to help traders develop a mindset that increases their chances of success.

00:00:00 - Introduction and Early Career 00:00:48 - Transition to Interest Rate and FX Trading 00:01:20 - Move to Credit Suisse and Prop Trading 00:01:40 - Career at Commerzbank and American Express 00:02:25 - Career Crossroads and Transition to Coaching 00:03:12 - Becoming a Performance Coach 00:04:19 - Influence of Performance Coaching 00:04:50 - Early Life and Motivation for Trading 00:06:34 - Initial Experience in Trading 00:06:58 - Starting in Fixed Income and FX 00:07:55 - Reality vs. Movies: Trading in Investment Banks 00:10:10 - Challenges in Trading 00:12:13 - Mindset and Routine in Trading 00:14:29 - Scaling Trades and Risk Management 00:19:15 - Performance Coaching Approach 00:21:44 - Common Issues Faced by Traders 00:24:09 - Trends and Cautions in Current Markets 00:26:18 - Online Prop Firms: Concerns and Changes 00:29:02 - Overcoming Losses and Mental Challenges 00:37:03 - Personal Experiences and Self-Improvement 00:39:10 - Insights from the Book 00:42:35 - Closing Tradition: Question for the Next Guest 00:46:11 - Where to Find Stephen Goldstein

Bookmap Link - https://bookmap.com/members/aff/go/Drake44

ATAS Platform - https://atas.net/?rs=partners_oft290559